Intellitactics Inc., a software-security company, plans to announce today a $6.8 million round of venture capital funding and the relocation of its Canadian headquarters to Bethesda as the company pursues more government business.
Intellitactics, which was based in Kitchener, Ontario, makes management systems for security software, such as products that collect data gathered by intrusion-detection software such as firewalls. Most of the company's customers are large U.S. companies and government agencies.
"We wanted to get closer to our customers in the U.S. market," chief executive Randall K. Davis said. "And we're doing a lot of business in the federal government."
A number of Intellitactics executives, including Davis, already live in the Washington area. Once the headquarters has moved, about half the company's 60-person staff will set up shop in Bethesda.
"There's excellent senior management talent" in Washington, Davis said.
Davis was an executive at Sterling Software Inc. in Reston for four years until it was sold to Computer Associates International Inc.
The company's two venture capital backers are also based in the Washington area. Lazard Technology Partners of the District led this round of funding. Prior investor JMI Equity Fund LP is based in Baltimore.
Davis expects this round to be the last outside financing needed by the company, which raised $6 million in its earlier round. Intellitactics should reach profitability sometime next year, Davis said.